Investment sales

Noble Town Center
Investment salesNewsPennsylvania

IPA Arranges Sale of 167,689-Square-Foot Noble Town Center in Metro Philadelphia

by Julia Sanders

Jenkintown, Pa. — Institutional Property Advisors has arranged the sale of Noble Town Center, a 167,689-square-foot shopping center located roughly 10 miles north of Philadelphia’s Center City district in Jenkintown. Brad Nathanson of IPA represented the seller in the transaction and procured the buyer, a joint venture between Paramount Realty Services and Edgewood Properties. Ross Dress for Less, Bed Bath & Beyond, PetSmart and Walgreens anchor the center, which was 64 percent occupied at the time of sale. The new ownership plans to lease two vacancies previously occupied by Stein …

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The Summit at Town Lake
GeorgiaInvestment salesNews

Continental Realty Corp. Acquires LA Fitness-Anchored Center in Metro Atlanta for $11.6 Million

by Julia Sanders

Woodstock, Ga. — Continental Realty Corp. has acquired The Summit at Towne Lake, a 59,772-square-foot shopping center anchored by LA Fitness in the Atlanta suburb of Woodstock, for $11.6 million. Bryan Belk of Franklin Street represented both the buyer and the seller, a joint venture between RCG Ventures and DRA Advisors, in the transaction. Constructed in 2009, the center is located at 2060 Eagle Drive within the Towne Lake master-planned community. The property is 98 percent occupied by tenants including Marco’s Pizza, Palm Beach Tan and Family Orthodontics. The approximately …

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Streetsboro Crossing
Investment salesNewsOhio

JLL Brokers Sale of Grocery-Anchored Retail Center in Suburban Cleveland for $10.5 Million

by Julia Sanders

Streetsboro, Ohio — JLL Capital Markets has brokered the sale of Streetsboro Crossing in suburban Cleveland for $10.5 million. Grocer Giant Eagle anchors the 89,436-square-foot retail center. Other tenants at the property, which was nearly 94 percent leased at the time of sale, include Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty. Completed in 1996 and renovated this year, the center is situated on 19.6 acres. Amy Sands, Clinton Mitchell, Kirstey Lein and Bill Poffenberger of JLL represented the seller, an affiliate of Chicago-based Pine Tree. …

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Windsor Town Center II
ColoradoInvestment salesNews

Avison Young Brokers $10.1 Million Sale of Three Shopping Center Properties in Northern Colorado

by Julia Sanders

Fort Collins and Windsor, Colo. — Avison Young has brokered the $10.1 million portfolio sale of three shopping centers located in northern Colorado. In total, the properties occupy just over 60,000 square feet and include Oakridge Shopping Center in Fort Collins, and The Shops at Westwood and Windsor Town Center II, both of which are located in Windsor. David Maling, Chris Maling and Sam Crowe of Avison Young represented the seller, Johnson Investments Inc. Cushman & Wakefield represented the buyer, Neighborhood Equities LLC. Oakridge Shopping Center is a 21,633-square-foot property …

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Myrtle Ridge
Investment salesNewsSouth Carolina

Palomar Group Arranges $5.4 Million Sale of Grocery-Anchored Shopping Center in Conway, South Carolina

by Julia Sanders

Conway, S.C. — The Palomar Group has arranged the $5.4 million sale of Myrtle Ridge, a grocery-anchored shopping center located at 1901 Highway 544 in Conway, a town near Myrtle Beach. Palomar Group represented the undisclosed seller, a private shopping center owner, in the off-market transaction. Both the undisclosed buyer and seller are private companies that primarily own grocery-anchored shopping centers throughout the Southeast. The 59,240-square-foot Myrtle Ridge is anchored by Food Lion, Dollar Tree and Walgreens. Food Lion recently executed an early renewal at this location, taking its term …

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Investment salesNewsNorth Carolina

Thompson Thrift Retail Group Sells 11,000-Square-Foot Retail Building in Metro Charlotte

by Julia Sanders

Concord, N.C. — Thompson Thrift Retail Group has sold an 11,000-square-foot, multi-tenant retail building in Concord to an undisclosed private buyer from California. The building, which is located at 3050 Derita Road, is the second of four lots to be developed within Thompson Thrift’s 7.5-acre Shops on Derita retail development. The building was fully leased at the time of sale to tenants including Supercuts, Smoothie King, Chicago’s Pizza with a Twist, Wingstop and Cinnaholic. Thompson Thrift expects the two remaining lots to be sold during the third quarter. David Hoppe …

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Beach Blvd.
FloridaInvestment salesNews

NAI Hallmark Brokers Sale of 14,290-Square-Foot Shopping Center in Jacksonville, Florida

by Julia Sanders

Jacksonville, Fla. — NAI Hallmark has brokered the sale of a 14,290-square-foot shopping center located at 11645 Beach Boulevard in Jacksonville. Austin Kay and Eric Yi represented the seller, Mark’s Investment Properties LLC, in the off-market transaction. The buyer, Mr. Implant LLC, was represented by Jason Price with Crown Tenant Advisors out of Roswell, Georgia. The property was sold for $1.5 million. The shopping center includes two buildings and is located at the intersection of Beach and Beachwood Boulevards, less than a mile east of the Interstate 295 East Beltway.

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Investment salesMinnesotaNews

Upland Brokers $2.4 Million Sale of Sleep Number-Occupied Retail Property in Rochester, Minnesota

by Julia Sanders

Rochester, Minn. — Upland Real Estate Group has brokered the sale of a Sleep Number-occupied retail property in Rochester for $2.4 million. Sleep Number relocated from Apache Mall in 2018 to this 3,000-square-foot, freestanding store at 2257 Commerce Drive NW. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland represented the 1031 exchange buyer in the acquisition of the net-leased property. Tom Gommels of Marcus & Millichap represented the seller, a limited liability company.

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Investment salesKentuckyNews

NAI Isaac Brokers Sale of 16,300-Square-Foot Retail Center in Lexington, Kentucky

by Julia Sanders

Lexington, Ky. — NAI Isaac has brokered the sale of a 16,300-square-foot retail center located at 268-278 Southland Drive in Lexington. An unnamed, locally based investor purchased the property for an undisclosed price. The buyer retained NAI Isaac as property manager. The center spans two buildings and is occupied by Planned Parenthood, Gold & Diamond Apparel, GDA Jewelers, Lexington Healing Arts Academy, Associates in Rehab and Providence Community Church. Jamie Adams and J. L. Cannady of NAI Isaac represented the buyer in the transaction. John Bunch of SVN Stone Commercial …

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Lincoln Road
FloridaInvestment salesNews

ALTO Real Estate Funds Purchases Lincoln Road Retail Property in Miami Beach for $18.9 Million

by Julia Sanders

Miami Beach, Fla. — ALTO Real Estate Funds has purchased a 7,142-square-foot retail property located in Miami Beach for $18.9 million. The property is situated along Lincoln Road, Miami Beach’s high street retail corridor. The seller was Gombinski Properties, who bought the property in 1985. Ran Ziv and Sean Shahar Ziv of GLT Group Brokerage represented the seller and the buyer. The property comprises two suites located at 900 and 904 Lincoln Road, at the corner of Jefferson Avenue. The corner building underwent a complete renovation in 2016 and now …

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